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• Waymo for industrial vehicles
• Tesla for warehouse and factory logistics

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• DriveMod: An autonomous vehicle software platform designed to convert existing industrial vehicles into self-driving machines for material handling.
• Infinitracker: A real-time asset tracking and fleet management solution that provides location, status, and telemetry data for industrial vehicles and equipment.

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Cyngn (symbol: CYN) primarily sells its autonomous vehicle technology and software solutions to other companies (B2B).

While the company frequently mentions working with unnamed "Global Fortune 100" companies for pilot programs and deployments of its DriveMod autonomous vehicle system, it generally does not disclose specific end-user customer names due to confidentiality agreements.

However, Cyngn has publicly announced strategic partnerships with major industrial vehicle manufacturers that integrate Cyngn's technology into their products. These manufacturers effectively act as key customers and channels for Cyngn's solutions. Major publicly identified partners/customers include:

• BYD America: A subsidiary of BYD Co. Ltd., a leading global electric vehicle manufacturer. Cyngn partners with BYD America to integrate its DriveMod system into BYD's industrial vehicles. (Public symbol for parent company: BYDDY on OTC Markets, 1211.HK on Hong Kong Stock Exchange)
• Mitsubishi Logisnext Americas: A subsidiary of Mitsubishi Heavy Industries, Ltd., a global leader in material handling and logistics equipment. Cyngn is collaborating with Mitsubishi Logisnext Americas for the development and deployment of autonomous material handling solutions. (Public symbol for parent company: 7011.T on Tokyo Stock Exchange, MHVYF on OTC Markets)

The ultimate end-users of Cyngn's technology, whether through these partnerships or direct deployments, are typically large enterprises in sectors such as logistics, manufacturing, and fulfillment operations.

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NVIDIA (NVDA)

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Lior Tal, CEO & Chairman of the Board

Lior Tal previously served as Director of International Growth and Partnerships at Facebook. He co-founded Snaptu, where he was VP of Business Development, and Snaptu was later acquired by Facebook. Mr. Tal also held leadership roles at Actimize (acquired by NICE), DiskSites (acquired by EMC), and Odigo (acquired by Comverse).

Natalie Russell, Chief Financial Officer

Natalie Russell was promoted to CFO of Cyngn in August 2025. She joined Cyngn in March 2023 as Director of Accounting. Prior to Cyngn, Mrs. Russell was a Technical Accounting Manager at SOAProjects, Inc., specializing in technical accounting research and financial reporting for technology and life sciences clients. She began her career in the audit and assurance practice of Ernst & Young.

Bruce MacLean, Chief Business Officer

Bruce MacLean has served as the Chief Business Officer of Cyngn since August 2017.

Felix Singh, Vice President of Engineering Services

Felix Singh previously served as VP of QA Engineering and Technical Operations at Brain Corp, where he led all QA Engineering and Technical Operations for autonomous mobile robotics and cloud technologies. He also held various global leadership roles at Qualcomm, focusing on System Test and test automation for mobile application chipset systems and software, IoT, and automotive solutions.

Marty Petraitis, Vice President of Sales

Marty Petraitis holds the position of Vice President of Sales at Cyngn.

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The key risks to Cyngn's business include its severe financial challenges, the successful market adoption and commercialization of its autonomous vehicle technology, and intense competition within the autonomous industrial vehicle sector.

1. Severe Financial Challenges and Going Concern Risk: Cyngn Inc. is facing significant financial difficulties, marked by a perilously low market capitalization and operating at a substantial loss. The company exhibits a negative EPS (TTM) of -29.23 and a negative PE ratio of -0.01, raising serious concerns about its viability and business sustainability. Its profitability score is notably low at 20 out of 100, and it has reported a negative EBIT margin of 7,288.3%. Furthermore, the company announced a delay in filing its Form 10-Q due to "unreasonable effort or expense" and had to restate its 2024 and 2025 financial statements due to an accounting error related to warrants, which also highlighted a material weakness in its internal control over financial reporting and disclosure controls. These issues collectively reflect poor financial health and a high risk to its ongoing operations.
2. Market Adoption and Commercialization of Autonomous Technology: Cyngn develops and deploys AI-powered autonomous driving solutions for industrial applications, aiming to address challenges like labor shortages. While their DriveMod technology is designed to bring self-driving capabilities to commercial vehicles, including tuggers and forklifts, the successful widespread adoption and commercialization of this emerging technology in various industrial settings remain critical. Despite partnerships and pre-orders, the pace and scale at which industrial organizations integrate autonomous vehicles into their operations will directly impact Cyngn's revenue growth and long-term success.
3. Intense Competition: Cyngn operates in a rapidly evolving and competitive industry for autonomous software solutions for commercial vehicles. Its primary direct competitors include Third Wave Automation and AutoGuide. The presence of multiple players vying for market share, combined with the capital-intensive nature of developing and deploying advanced autonomous vehicle technology, poses a significant risk to Cyngn's ability to differentiate its offerings, secure new customers, and achieve sustainable growth.

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Increased Market Adoption of Purpose-Built Autonomous Mobile Robots (AMRs)

As the industrial automation market matures, there is a clear trend towards the development and deployment of highly sophisticated, purpose-built Autonomous Mobile Robots (AMRs) and Automated Guided Vehicles (AGVs). These systems, offered by companies like Locus Robotics, Geek+, and Zebra Technologies (Fetch Robotics), are designed from the ground up for autonomous operation, often providing optimized form factors, specialized capabilities, and integrated solutions that can be more efficient, scalable, and cost-effective than retrofitting existing human-operated vehicles. This shift could pose a threat to Cyngn's core business model of retrofitting industrial vehicles with its DriveMod system, as customers may increasingly prefer to invest in new, fully integrated autonomous solutions rather than converting their existing fleets.

Vertical Integration and Proprietary Solutions from Major Industrial Vehicle OEMs

Leading industrial vehicle Original Equipment Manufacturers (OEMs) such as Toyota Material Handling, KION Group (Linde, Still), Jungheinrich, and Hyster-Yale Materials Handling are actively investing in and developing their own in-house autonomous vehicle technologies and comprehensive automation solutions. These OEMs possess significant market share, direct customer relationships, extensive service networks, and the ability to integrate autonomy deeply into their vehicle designs from the manufacturing stage. As these major players roll out their proprietary autonomous offerings, they could capture a larger share of the industrial automation market, reducing the demand for third-party retrofit solutions like Cyngn's and potentially limiting Cyngn's opportunities for new OEM partnerships.

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Cyngn (symbol: CYN) operates in the industrial autonomous vehicle technology sector, providing its DriveMod software for industrial vehicles such as tuggers and forklifts to enhance efficiency and safety in industrial settings like manufacturing, logistics, construction, and mining.

The addressable markets for Cyngn's main products and services are significant and global:

• The total addressable market for autonomous industrial vehicles is estimated to be over $200 billion globally. This estimate is based on the annual cost of employing drivers for approximately 5 million material handling vehicles worldwide, with average annual costs exceeding $40,000 per driver, particularly in North America. More specifically, the global self-driving industrial vehicles market size was valued at US$ 38.77 billion in 2023 and is projected to reach nearly US$ 162.82 billion by 2030, growing at a compound annual growth rate (CAGR) of 22.75% from 2024 to 2030.
• For automated material handling equipment, a core application for Cyngn's technology, the global market size was valued at USD 47.69 billion in 2024 and is projected to grow to USD 103.54 billion by 2032, at a CAGR of 10.3%. Another estimate puts the global automated material handling equipment market at USD 65.74 billion in 2024, expected to reach USD 114.45 billion by 2030, growing at a CAGR of 9.9% from 2025 to 2030.
• The global forklift market, where Cyngn offers its DriveMod solution, is expected to double to $103.9 billion by 2031.

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Cyngn (CYN) is positioning itself for future revenue growth through several key initiatives over the next two to three years:

1. Expansion of DriveMod Deployments and Customer Base: Cyngn is actively focused on scaling the deployment of its DriveMod autonomous vehicle technology across various industrial sectors. The company has already expanded its DriveMod deployments in manufacturing, logistics, automotive, and consumer-packaged goods (CPG) industries, securing new customer wins and deepening engagements with existing clients. This ongoing expansion of its installed base directly translates into increased revenue from its Enterprise Autonomy Suite (EAS) software subscriptions.
2. Strategic Partnerships with Original Equipment Manufacturers (OEMs): A crucial driver for broader market penetration is Cyngn's emphasis on forming and strengthening partnerships with OEMs. By integrating its DriveMod technology into new industrial vehicles, such as Motrec MT-160 tuggers and BYD forklifts, Cyngn can leverage these partnerships to reach a wider customer base and accelerate the adoption of its autonomous solutions.
3. Advancement and Development of Autonomous Vehicle Technology: Continued investment in research and development, including collaborations with platforms like NVIDIA Isaac Sim and the integration of generative AI and AI agents, is expected to enhance Cyngn's technological capabilities. These advancements lead to improved and potentially new product offerings within their Enterprise Autonomy Suite (DriveMod, Cyngn Insight, Cyngn Evolve), attracting more customers and addressing a broader range of industrial automation needs.
4. Acquisitions of Revenue-Generating Companies: Cyngn's CEO has outlined a strategic pillar for growth that includes pursuing acquisitions or mergers with revenue-generating companies. These target companies would ideally be in adjacent or complementary sectors like automation, robotics, and data-driven logistics, directly contributing to an acceleration of Cyngn's revenue growth by expanding its market footprint and technology portfolio.
5. Tapping into the Large Industrial Automation Market Opportunity: Cyngn's solutions address significant challenges faced by industrial organizations, such as labor shortages and costly safety incidents, within a market opportunity estimated to exceed $268 billion for self-driving industrial Autonomous Mobile Robots (AMRs) and related solutions. As industrial demand for automation grows, Cyngn's ability to provide scalable, cost-effective solutions for integrating self-driving technology into existing operations positions it for substantial revenue growth.

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[2] Share Issuance

• In October 2021, Cyngn completed its Initial Public Offering (IPO) of 3,500,000 shares at $7.50 per share, generating gross proceeds of $26.25 million and net proceeds of $23.34 million for working capital and general corporate purposes.
• In December 2024, the company successfully raised $33 million to support the scaling of its deployments. This was followed by a reported $32 million capital raise in Q2 2025, which is expected to extend the company's financial runway through 2027.
• In June 2025, Cyngn completed a registered direct offering with a single institutional investor, raising approximately $17.2 million through the sale of 2,293,333 shares of common stock and pre-funded warrants at $7.50 per share, intended for general corporate purposes and working capital. Additionally, the company conducted a $5.2 million public offering of its common stock subsequent to March 31, 2024, and sold 256,500 shares for $1.8 million under an At-The-Market (ATM) sales agreement subsequent to June 30, 2024.

[3] Inbound Investments

• The company secured $23.34 million in net proceeds from its Initial Public Offering (IPO) in October 2021.
• Cyngn successfully raised $33 million in December 2024 and an additional $32 million in Q2 2025 through capital raises to fund operations and scale deployments.
• In June 2025, a registered direct offering with a single institutional investor brought in approximately $17.2 million in capital.

[5] Capital Expenditures

• Cyngn has consistently capitalized costs related to the development of its software and specific customer projects, which contributed to a reduction in reported Research and Development (R&D) expenses. This was noted in Q2 2025 (a $1.2 million R&D decrease), Q1 2025 (a $1 million R&D decrease), and Q4 2024 (a $912.6 thousand R&D reduction).
• The first-time capitalization of internally developed software was also reported in Q3 2023, impacting R&D expenses.
• Capitalized software amounted to $102 thousand in Q1 2024, indicating ongoing investment in technology development.